Students

Student Forum - Share your thoughts...

Do you have a new business idea that you’d like to further develop? Check out the PerfectBusiness Forum to find tips that will help solidify your ideas into the perfect pitch. You begin by describing a business idea using written description, video, or photos. Once your pitch is submitted, you’re well on your way to receiving expert feedback and guidance as well as contact with potential investors and partners. This is a fantastic student tool as it’s a fun and free way to get your ideas reviewed by experts and peers in your field of business. People may offer you valuable advice on how to improve your pitch of your business strategy, itself. In this way, the Pitch Center is also a remarkable networking tool. Who knows, maybe you just might pitch the next big thing!

Preparing your Business Plan                                                                     

When starting into business, it is necessary to have a clear vision for your future success. You must visualize and define your personal goals and company mission. The best way to formally organize these ideas is through a written business plan. Most business plans includes a 1-2 page executive summary, which is a brief and clear summary of the most important aspects of your plan. Next, you must complete key pieces of your plan such as a company profile, a description of your products or services, a market analysis, your strategy and plans for implementation, financial details, and so on. We suggest using the PerfectBusiness Business Plan Builder to make this process a little easier, especially if this is your first time creating a business plan. This resource will walk you through each section, defining exactly what type of information should be included where. You will even get a chance to create a personalized cover complete with your company logo in order to make your business plan look professional. You may also send your completed business plan through the Business Plan Builder directly through others via email or through contacts on Perfect Business. 

Managing Processes                                                                               

As a business owner, it is important to keep track of the processes involved in day-to-day operations. A process can be defined as a series of activities performed by individuals within a company to achieve a goal. Such processes can make or break a business, as they often represent much of the cost incurred in operating the business, and they also generate most of the revenue. It is important to identify and define all processes that are occurring so that you may consider changes to promote efficiency and accuracy. Upon careful consideration, you can choose the best alternatives and implement these new versions of processes, monitoring the effects for improvement in output. In order to effectively and continuously manage business processes, you must always think of theoretical alternatives to the processes that are in place. These alternatives should be proposed as a result of shifting goals that are set in order to adapt to dynamic consumer needs. At times, if a process cycle is not manageable, it may be necessary to redesign it entirely rather than editing it. If a well-designed process cycle is implemented, it should increase over all ease of management.


 
Success Stories Under 30

Mike Krieger, 25 and Kevin Systrom, 27
Instagram

These two young entrepreneurs created a mobile media company about a year and a half ago. Instagram is an app that enables users to take pictures, alter them using a variety of artistic and vintage filters, and then share them on the web. Having more than 14 million users and 400 million images, Apple recently named Instagram the “app of the year.” Systrom and Krieger note the small size of their company as part of their success. With only seven employees, they have managed to keep very focused on their iOS app. Instagram can also attribute part of its success to the value of the network that it has created. While users often post their Instagram photos on Facebook or Twitter, Instagram is also a network of its own. Each user has an account and is able to view the pages of other photographers, like their photos, or leave comments. So, while users may join in order to utilize the app’s trendy photo filters, they often stay to remain part of the social network.

Drew Houston, 28 and Arash Ferdowsi, 25
Dropbox

Houston and Ferdowsi founded Dropbox, a free, cloud-based file storing service, in 2007. Dropbox’s 25 million users are able to access their stored documents, photos and videos from any computer, mobile phone, or tablet connected to the Internet. The team began as a couple of coders, working alone in a cramped office from morning until night. After landing some funding through investors and a writeup on Digg.com, Dropbox took off. The company spends little money in advertising and, instead, focuses on referrals and word-of-mouth marketing. They are able to make money through their premium plans which run users $9.99 per extra 50 Gb of space.

Featured Videos

Steven Mednick, professor at USC, talks about why to write a business plan and what investors are looking for.



UCLA Professor Robert Foster’s Entrepreneurship Program was ranked #1 in the world by the Financial Times. Robert Foster teaches Business Plan Development for UCLA’s Anderson School of Management.